Six Peak IC Weekly Meeting

• The meeting focused on deal administration, loan/refinance statuses, capital call requirements, and outstanding legal language across multiple portfolio transactions.
• Participants confirmed document execution status, discussed pending signatures and post-closing deliverables, and reviewed specific capital needs and lender interactions.
• Documentation and legal: Nearly all outstanding agreements are signed; Jasmine revised the cost-of-capital/financial support letter and Steven and Bob confirmed signatures.
• Bob will upload signed agreements to Slack and catalog legal folders; he is working through R4 equity JV comments (page 103 of 163) and highlighted sensitive waterfall and key-man provisions.
• Ivan flagged change-of-control language from DeHaro documents and noted bondholder counsel is being pushed; Jane is handling revisions.
• MRK-related JVA/JBA items remain with MRK and an all-hands legal call is scheduled to resolve the JBA.
• Bob will re-send the post-closing items list for prioritized pull windows.
• Wilton, Reading, Resida finance updates: Grandview accepted a $13M offer on Wilton from Daniel Porbaba subject to diligence and expects an approximate $2.25M shortfall requiring capital call implications.
• Loanoak provided an early Reading refinance quote below 7% but it would be short proceeds and likely require $1.5–$2.0M cash-in; multiple lender bids expected over roughly three weeks and a fully non-recourse loan would be preferable.
• For Resida, a $500,000 hard deposit is required (50% to MRK) with a proposed month-end due date and a November 30 closing with an as-of-right 60-day extension; SixPeak cannot front its $250,000 share and the deposit was technically due May 25 though owner notice obligation remains unissued.
• Capital calls and transactions: Chris said a formal capital call should be issued this week by Chris Andreessen to address deposit and shortfall requirements.
• Grandview expects capital call implications for Wilton and Reading refinancing requires cash-in; funding gaps were quantified as noted above.
• Other deals and operational items: The Palantir AI partnership is on hold because Palantir will not concede equity or IP for work built on the team’s data/workflows.
• Bob circulated a consulting agreement; Tom and Chris are reviewing and Derek/Chris are finalizing an architect separation agreement with one comment outstanding.
• The boarding deal sent to MRK awaits their response; options if MRK does not engage include acting as GC or asking the developer to fund the process, though doubts exist about developer sophistication.
• Capra’s uplifters deal has internal approval but lost Jeffries as capital provider.
• Operational processes and liquidity: The LV board portal will be updated pending May figures, and Ivan confirmed liquidity records are current.
• The team agreed to expand weekly "L10 light" meetings to include rocks, to-dos, and a scorecard; Bob is building a dashboard to pull scorecard data.
• The Resida closing is unlikely to be led by MRK before November 30 due to applicant status constraints.
• The meeting concluded with scheduling adjustments and acknowledgements.

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  Eric Eric will mail his Wilton signature documents so the loan extension package is complete.
  → To-Dos
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  Bob Kennedy Bob Kennedy will upload the executed agreements from the legal folders into Slack for team access for the next 90 days.
  → To-Dos
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  Bob Kennedy Bob Kennedy will finish and circulate his next-round comments on the R4 equity JV documents by early afternoon.
  → To-Dos
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  Bob Kennedy Bob Kennedy will re-send the list of items that must be pulled within specific days of closing (good-standing certificates, COIs, etc.) so Penny can prioritize them.
  → To-Dos
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  Chris Andreessen Chris Andreessen will send the formal capital call for Resida early this week as required by the contract terms.
  → To-Dos
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  Tom Tom will review the consulting agreement Bob circulated and provide a response
  → To-Dos
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  Chris Aiello and Derek Chris Aiello and Derek will finalize the architect separation agreement and incorporate the remaining attorney comment
  → To-Dos
• ◻
  Chris Aiello Chris Aiello will reconnect with the external developer to discuss potential next steps and guarantees
  → To-Dos
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  Ivan Ivan will continue to keep liquidity records up to date
  → To-Dos
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  Bob Kennedy Bob Kennedy will build the dashboard to pull scorecard information for the L10 process
  → To-Dos
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  Bob Kennedy Bob Kennedy will ask Skylar whether the bond raise for Capra is all-or-nothing or can close at a smaller amount
  → To-Dos

None.